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02.18.2021

Who Keeps the House in a Divorce?

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Often, the largest asset a couple has is the house that they live in together.  If your house was purchased during the marriage, then it is considered a marital asset which must be divided if you and your spouse get divorced.  This is true regardless of whether both of your names, or just one of your names, are on the deed. If there is a …
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02.05.2021

Name Change After Divorce

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Interestingly, name change after divorce is one of the least expensive and most simple processes associated with divorce. Your divorce attorney can prepare a one page, notarized document to file called a Notice of Intention to Resume a Prior Surname. You can assume any surname which you have used previously with no hearing required. The process of legally changing your last name after divorce usually takes less …
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01.05.2021

A Checklist for Filing Taxes After Divorce

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Divorce changes a lot of things and taxes are on that list. Newly divorced people should know how ending a marriage can affect their tax situation. Here is a checklist of items to help when filing taxes after divorce: Name and address changes Name. When a name changes through divorce, it is important to report that change to the Social Security Administration. The name on …
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12.30.2020

Custody and Parenting Plan FAQ

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Is physical custody the same as legal custody? What does it mean to have legal and physical custody? The process of divorce can easily make a parent overwhelmed with all of the details involved in creating and implementing a child custody agreement. There are many things to learn. One of them is understanding the often-confused terms; physical and legal custody. Let’s a take a look …
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12.11.2020

ABLE Accounts: Valuable Benefit for Taxpayers with Disabilities

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ABLE Accounts: Valuable Benefit for Taxpayers with Disabilities Living with a disability can come with additional expenses. Achieving a Better Life Experience accounts (ABLE accounts) are authorized tax-advantaged 529A accounts that help disabled people pay qualified disability-related expenses. What is an ABLE Account? Here are some key things people should know about these accounts. Annual Contribution Limit The limit remains $15,000 in 2021. Certain employed …
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08.18.2020

Is Unemployment Taxable Income?

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Recent events have more Americans receiving unemployment compensation benefits. Americans receiving unemployment compensation benefits should take steps now to avoid a nasty surprise on their tax bills next year. Is money received as unemployment compensation considered income? Yes. Money received as an unemployment compensation benefit is considered to be “income.” Therefore, unemployment compensation tax is usually subject to the same tax requirements as all other …
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08.18.2020

What You Should Know About the Home Office Tax Deduction

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Recent events have more Americans working from home. This can influence how they can file for a home office deduction. The home office tax deduction allows qualifying taxpayers to deduct certain home expenses on their tax returns. Understand the home office tax deduction and whether you can claim it: Employees are not eligible to claim the home office tax deduction. The home office deduction Form 8829 …
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08.18.2020

News on Charitable Donations

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The CARES Act suspended limits on charitable contributions for individuals and corporations. For tax year 2020, individuals may deduct qualified charitable contributions up to 100 percent of their adjusted gross income. A corporation may deduct qualified charitable contributions up to 25 percent of its taxable income. Both individuals and corporations can carry over to the next year contributions that exceed the AGI limitation. To qualify, …
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01.06.2020

A New Year’s Resolution: Estate Planning for the Expected & Unexpected

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Provide your game plan for the expected and unexpected for 2020 by making a New Year’s resolution to review your estate planning documents. (The is our first in a series of CROSSROADS Articles.  See Below.) We plan for the expected: holidays, birthdays, anniversaries. We plan for the unexpected: rainy day accounts, checking account reserves, extra gifts for that last minute invitation. What about planning for the …
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